Hold on to your billfold: Shale drilling giant CEO expects prices to go up

Oil-drilling Oil could head toward $150 a barrel without new production, the CEO of a top shale producer says. GETTY IMAGES

Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”

Important Takeaways:

  • Oil could hit $150, sending ‘shock through system,’ says top shale CEO
  • That’s Doug Lawler, chief executive of Continental Resources, the shale-drilling giant controlled by billionaire Harold Hamm, telling Bloomberg News on Monday that crude prices are set to remain elevated and could press to the $120- to $150-a-barrel range without new production.
  • More price pressure is coming, he said, unless policies are put in place to encourage more output.
  • West Texas Intermediate crude CL00, 0.00% CL.1, 0.01%, the U.S. benchmark, edged back below $90 a barrel on Monday but remains up more than 34% from its 52-week low of $66.74 hit on March 17.
  • Lawler said he thought oil “absolutely” would hit the $100-a-barrel threshold and that he expects to see continued volatility in the $80- to $100-a-barrel price environment.

Read the original document by clicking here.

Leave a Reply